Crypto14 September, 20262 min read
Strive Buys 1,800 Bitcoin for $143 Million, Becomes Fifth-Largest Public Treasury
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Strive bought 1,800 Bitcoin for about $143 million at $79,431 each. Total holdings rose to 23,156 BTC, making Strive the fifth-largest publicly traded corporate holder.
Strive’s $143M Bitcoin buy
Strive, the Nasdaq-listed bitcoin treasury company, said it bought $143 million worth of bitcoin, acquiring 1,800 bitcoins between August 24 and August 28 at an average price of $79,431 per coin.
The purchase lifted Strive’s holdings to 23,156 coins, making it the fifth biggest publicly traded crypto treasury, and its stock (NASDAQ: ASST) was trading 9% higher at about 12.30pm in New York.
Strive’s SEC filing cited a year-to-date Bitcoin yield of 40.8% as of its Aug. 28 filing, up from less than 37% in early June, and the company’s stock had risen by nearly 40% year-to-date.
The latest buy came as Strategy, the biggest corporate holder of bitcoin, restarted its buying last week after pausing for 10 weeks, and Strategy announced it had bought 4,603 bitcoins for $369.7 million between August 24 to August 30.
Rankings and analyst notes
Bloomingbit said the 1,800-bitcoin purchase pushed Strive to No. 5 among public companies by Bitcoin holdings, and it reported that TD Cowen raised its price target on Strive’s ASST shares from $28 to $32 while maintaining its buy rating.
Bloomingbit also cited TD Cowen’s view that Strive’s holdings would exceed 27,100 Bitcoin if it buys an additional about 4,300 in the third quarter and 3,000 more Bitcoin in the fourth quarter.
Cointelegraph reported that CEO Matt Cole confirmed the acquisition on Monday and said the purchase brought Strive’s total holdings to 23,156 Bitcoin, up from 21,356 BTC a week earlier.
Cointelegraph further described the ranking shift as Strive “pushed Strive past Bullish” to become the fifth-largest publicly traded corporate holder of Bitcoin, while also noting that Strategy resumed buying with a 4,603-bitcoin acquisition at an average price of $80,318.
What comes next for buyers
The reporting frames Strive’s next steps around continued accumulation, with TD Cowen projecting additional purchases of about 4,300 Bitcoin in the third quarter and 3,000 more in the fourth quarter, which would put Strive within reach of fourth place.
Cointelegraph said the latest purchases coincided with broader sector buying and pointed to Aug. 19 plans by the US Treasury Department to double the size of certain long-term bond buybacks, which it said helped push Treasury yields lower and fueled a rebound in risk assets.
Cointelegraph also noted that Strive’s latest tranche increased its Bitcoin holdings by roughly 8.4% in just five business days, citing Adam Livingston, an adviser to Saturn Credit, as the source of that estimate.
In parallel, Cointelegraph described Strategy’s restart as its first Bitcoin purchase in about 10 weeks after it halted buying in late June to focus on raising cash, and it said the purchase lifted Strategy’s holdings back above 845,000 BTC following four Bitcoin sales since May.